Surgical Retractor Market Size 2021 to Reach $3.65 Billion at 3.9% CAGR Globally by 2026
Pune, Maharashtra, India, February 17 2021 (Wiredrelease) Allied Analytics –:Rise in healthcare expenditure, increase in the prevalence of chronic medical conditions, and surge in number of surgical procedures performed across the world have boosted the growth of the global surgical retractor market. In addition, the presence of large pool of geriatric populations have fuel the market growth. However, high cost of surgical procedures impedes the market growth. On the other hand, untapped potential in the developing economies is expected to create lucrative opportunities in the near future.
“Surgical Retractor Market by Product Type (Hand Retractor, Self-retaining Retractors, Table-mounted Retractors, Wire Retractors, and Accessories) and Application (Abdominal Surgeries, Cardiothoracic Surgeries, Orthopedic Surgeries, Obstetric and Gynecological Surgeries, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026″ According to the report, the global surgical retractor market industry was estimated at $2.68 billion in 2018, and is expected to hit $3.65 billion by 2026, registering a CAGR of 3.9% from 2019 to 2026.
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Hand Retractor segment to dominate the market throughout 2026–
Based on product type, the hand retractor segment held the largest share in 2018, accounting for more than one-third of the global surgical retractor market. This is owing to surge in number of surgical procedures and increase in number of plastic surgeries performed across the globe. However, the self-retaining retractors segment is expected to manifest the fastest CAGR of 5.1% during the forecast period. This is owing to the benefits offered by the device. For instance, the device has a locking system, which allows the surgeon to use both hands. This renders the surgery to be more convenient for the surgeon, and therefore, drives the growth of the market.
The cardiothoracic surgeries segment to manifest fastest growth rate by 2026–
Based on application, the cardiothoracic surgeries segment is anticipated to portray the fastest CAGR of 5.5% during the forecast period. The cardiothoracic surgeries involve incision such as midline sternotomy, thoracotomy, and pacemaker incisions which drives the growth of the segment. However, the abdominal surgeries segment dominated in 2018, accounting for more than one-fourth of the global surgical retractor market. The abdominal surgeries involve incisions that are large. Thus, these surgical incisions require the use of surgical retractors, which keep the tissue and other organs out of the site of surgery. This drives the growth of the segment.
North America held largest revenue in 2018–
Based on region, the North America region held the lion’s share in 2018, accounting for nearly half of the global surgical retractor market. This is owing to prevalence of chronic disorders, which require surgical treatments and high purchasing power. In addition, the increase in healthcare expenditure and easy availability of these medical devices as well fuels the growth of the market. On the other hand, the Asia-Pacific region is anticipated to register the highest CAGR of 5.0% during the forecast period. This is owing to surge in prevalence of chronic disorders, which require surgical treatment and rise in awareness related to the use of surgical retractors among surgeons.
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The global surgical retractor market is highly competitive and the prominent players in the market have adopted various strategies to garner maximum market share. These include collaboration, product launch, partnership, and acquisition. Major players operating in the market include Baxter International Inc., B. Braun Melsungen AG, Becton, Dickinson and Company, Henry Schein, Inc., Henke-Sass Wolf, Integra Lifesciences Holdings Corporation, Novo Nordisk A/S, Johnson & Johnson, Medline Industries, Inc., Medtronic Plc., Teleflex Incorporated, Terumo Corporation, and The Cooper Companies, Inc.
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